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Kaleb wishes to purchase a $ 1 , 0 0 0 bond from Mason, who needs the money. There are 7 years remaining until the
Kaleb wishes to purchase a $ bond from Mason, who needs the money. There are years remaining until the bond matures and interest payments are made semiannually. Kaleb decides to offer Mason $ for the bond because he wants to earn exactly per year compounded semiannually on the investment. What is the effective annual bond rate of interest?
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